What is governmental fund in SAP PSM-GM - Grants Management?

SAP Term: governmental fund

• Component: PSM-GM

• Component Name: Grants Management

• Description: Governmental funds are used to account for governmental-type activities. These funds provide for the receipt, use, and position of expendable general government financial resources and related current liabilities: A General Fund is used to account for all resources traditionally associated with government that are not required by law or by sound financial management to be accounted for in another fund. Special Revenue Funds are used to account for specific revenues except for expendable trust or major capital projects that are legally restricted to expenditure for specified purposes. Debt Service Funds are used to account for the accumulation of resources for, and payment of, general long-term debt principal and interest. Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities other than those financed by proprietary funds and trust funds. Under the modified accrual basis of accounting, used to

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• Key Concepts: 
  A governmental fund is a type of fund used by public sector entities to manage and track the receipt and expenditure of public funds. It is used in the SAP Grants Management (PSM-GM) component to manage and track grants, subsidies, and other forms of public funding. 
  
  How to use it: 
  The governmental fund is used to record the receipt and expenditure of public funds. It can be used to track the budget for a specific grant or subsidy, as well as to monitor the progress of the project or program being funded. The fund can also be used to track the performance of the grant or subsidy, such as how much money has been spent and how much has been received. 
  
  Tips & Tricks: 
  When setting up a governmental fund in SAP Grants Management, it is important to ensure that all relevant information is included in the setup. This includes the name of the fund, its purpose, its budget, and any other relevant information. Additionally, it is important to ensure that all transactions related to the fund are properly recorded in order to accurately track its performance. 
  
  Related Information: 
  For more information on setting up a governmental fund in SAP Grants Management, please refer to the official SAP documentation. Additionally, there are many online resources available that provide detailed instructions on how to set up and use a governmental fund in SAP Grants Management.